Bitcoin [BTC] Market Dominance Slips to 66% as Price Movement Remains Bearish

bitcoin

Top cryptocurrency, BTC has seen a major loss of market dominance in comparison to its last quarter’s records.

Bitcoin Loses On Both Sides

Amid slumping market dominance, Bitcoin has also lost against the USD considerably, sending the price crashing below $8k, a point where analysts and known traders believe if crossed will further send bitcoin’s price crashing towards the $6k region.

At press time, the top cryptocurrency is trading at $7981.

Bitcoin Q3 Records

Bitcoin enjoyed a considerable percentage of the market in the last quarter. Between July and September, the pace-setter cryptocurrency touched 71% in market dominance, silencing competition put forward by major market contenders like ETH and XRP. At that time, BTC had just taken a break from its July bull run which had flung the price to $13,400. However, riding into the 4th quarter which began in October, Bitcoin began to bow to selling pressure which, at sent the price crashing below critical positions towards $10k, a result of which Bitcoin began losing its market share.

Bitcoin Trading Below $8k

At the moment, bitcoin has a market dominance of 66%, a figure which represents a 5% negative difference from its Q3 highest dominance level of over 71.2%. Also, the top cryptocurrency is currently changing hands at $7,981. At the present rate, bitcoin has lost about 18% in value against USD compared to its price of $12,276 seen on the 6th of August, 2019.

bitcoin dominance
Source: Coinmarketcap.com

Within the last 24 hours, bitcoin struggled to maintain a spot above the $8k region but it succumbed to selling pressure and went below the mark. Stats on coinstats shows that BTC opened a 1-day trading period at $8,100 and closed it at $7,973.

btc price chart
Source: TradingView

Altcoins, on the other hand, seems to faring better than BTC. ETH, which had fallen to $171 yesterday, embarked on quick recovery and hit $175 today. At press time, it is trading at $174.33. XRP crossed the $0.3 marked yesterday, but it could not sustain the position for long and it slumped to $0.28 within a few hours. However, today again, crypto is attempting to surpass the $0.3 resistance. At press time, XRP is trading at $0.297.

Do you think Bitcoin will be able to recover from this fall and embark on a bull run again? How do you think will 2019 close for BTC? Share your views with us in the comments below!

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